Posted on October 10, 2012 by bradsterling — No Comments ↓
Your Reverse Mortgage Advisor
Brad Harvey
Texas
Local: 903.617.8925
Brad.Harvey@LibertyHomeEquity.com

A HECM Loan Defined

A Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, is a Federal Housing Administration (FHA) insured loan which enables you to access a portion of your home’s equity to obtain tax-free1 funds without having to make monthly mortgage payments.2

If you are 62 years of age or older and have sufficient home equity, you may be able to get the cash you need to:

  • Pay off your existing mortgage2
  • Continue to live in your home and maintain the title3
  • Pay off medical bills, vehicle loans or other debts
  • Improve your monthly cash flow
  • Fund necessary home repairs or renovations
  • Build a “safety net” for unplanned expenses

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